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Troubles Awaiting Unwary Borrowers Using Online Lenders

Pitfall of using online lenders

Technology is behind many of the latest conveniences in our lives and banking is no exception. Lengthy wait times at your local bank branch and drawn-out banking procedures have been replaced by mobile banking apps and online lenders who can approve and fund a loan in matter of hours.

Referred to as the “Frontiers of Banking” by a NY Times article, online lenders market themselves as a convenient, affordable credit option for families and small businesses. However, many of the loans provided by these online lenders end up hurting the borrower financially instead of helping them. Common complaints from borrowers include issues with loan terms and collection methods. Also, online lenders don’t face the same regulations and monitoring as traditional banks.

Recently the NY Times published an article entitled “Pitfalls for the Unwary Borrower Out on the Frontiers of Banking” that discusses online lenders and the unexpected problems faced by borrowers that used them. Read the full article here: http://www.nytimes.com/2015/09/14/business/dealbook/pitfalls-for-the-unwary-borrower-out-on-the-frontiers-of-banking.html

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October 2, 2015